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Grand View Research: Global Gas Sensors Market is Expected to Grow at a CAGR of 6.2% from 2014 to 2020: Grand View Research

(M2 PressWIRE Via Acquire Media NewsEdge) The global market for gas sensors is expected to reach USD 2,512.4 million by 2020, according to a new study by Grand View Research, Inc. Regulatory initiatives, in developed markets of North America and Europe, in order to boost occupational health and safety are expected to drive the market over the forecast period. Additionally, growing demand from end-use industries is expected to positively impact global market prospects.

Positive outlook on demand for smart and wireless gas sensors can primarily be attributed to their effectiveness in detecting toxic gases in hazardous environmental conditions. Regulations for safety put forth by Occupational Safety and Health Administration (OSHA) and the Health and Safety at Work Act (HSWA) have been critical in enhancing market penetration across numerous industries in recent times. The use of hydrogen as an alternative fuel in hybrid vehicles is also expected to be a considerable opportunity for industry participants in the coming years.

The report "Gas Sensors Market Analysis And Segment Forecasts To 2020," is available now to Grand View Research customers and
can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/gas-sensors-market
Further Key findings from the study suggest:
o Carbon dioxide (CO2) sensors accounted for 26.8% of the overall market share in 2012. However, reducing carbon emissions, and the use of alternatives such as shale gas for power generation are expected to limit the CO2 sensors market from reaching its full potential. Nitrogen oxide (NOx) sensors are expected to be the fastest growing product segment, with an estimated CAGR of 6.2% from 2014 to 2020. NOx sensors cost significantly higher as compared to other products, and are mainly used for exhaust gas emission detection in automotives.

o Electrochemical technology accounted for 19.3% of the market in 2012, and is expected to dominate global demand over the next six years. Sensors employing electrochemical gas sensing technology are capable of detecting multiple gases; in addition, they are reliable and cost effective in nature. Infrared gas sensing technology is expected to register the fastest growth of 5.7% from 2014 to 2020. It helps measure volatile organic compounds (VOC), methane, carbon dioxide, etc., and the absence of a chemical reaction ensures longer life span.

o Gas sensors employed for industrial purposes accounted for around 20% of the overall market in 2012, and are further expected to remain the largest market segment over the forecast period. The medical segment is also estimated to be a high growth avenue, and involves monitoring oxygen concentration in incubators as well as ventilators. It is expected to grow faster than the global average, at a CAGR of 5.2% from 2014 to 2020.

o Asia Pacific is expected to be the largest regional market by 2020, spurred by enhancements in sensor technology, and growing demand for handheld sensors and devices. It is also estimated to be the fastest growing region, at a CAGR of 6.0% from 2014 to 2020. Gas sensors are largely used in the automotive sector; therefore, growing automotive production and demand is expected to give impetus to the industry.

o Major industry participants follow development and innovation led strategies to strengthen their foothold in the ecosystem. R&D activities for boosting technological enhancement are also implemented to drive competitive advantage. Companies operating in the market include Honeywell-owned City Technology Ltd., Membrapor AG, Alphasense, Figaro Engineering, and Dynament Ltd. among others.